Archived Topic
Topic ID 4092
21/01/2009 by newcomer
Herts CC broke own rules to lose £27m
Oh dear! [url="http://www.watfordobserver.co.uk/news/localnews/4061923.Council_broke_investment_rules/"]This article[/url] starts:
"Blundering County Hall bosses could have cost Hertfordshire taxpayers a staggering £28m by ignoring their own investment rules.
A damning report, by the accountants PriceWaterhouseCoopers, has highlighted a catalogue of errors that led to Hertfordshire County Council unwittingly investing millions in vulnerable Icelandic banks..."
0 replies
Archived Replies
Reply ID 59642
21/01/2009 by aubend
Oh never mind - they're not accountable are they? They'll no doubt still keep their £90,000 a year and final salary pensions while we pick up the bill in Council Tax increases. Thanks a bunch you imbeciles.
Reply ID 59647
21/01/2009 by JohnSmith
Don't worry, I'm sure that the government will give them back the money...
Reply ID 59648
21/01/2009 by Moulder
You mean 'we' will give them back the money?
Reply ID 59649
21/01/2009 by JohnSmith
Exactly. One way or another we will end up paying.
Reply ID 59661
21/01/2009 by Leo Densian
Wonder how much PWC charged HCC (aka us)for a basic 5 page summary and a strange picture of 3 traffic cones?
Reply ID 59742
23/01/2009 by Anorak
Wasn't going to read the article but now Leo's mentioned the picture of traffic cones, well............
Reply ID 59823
26/01/2009 by MoJo
Along the same lines this little snippet was tucked away on page 7 of the Mercury 23-1-09
Reconstructure at council to save £250K
The senior management team at Herts County Council
is to be restructured
Director of Finance Chris Sweeney will leave at the end of March, followed byAlan Warner, the director of people and property, at the end of May, and county secretary at the end of October
So, at a saving of £250k a year it will take only 112 years to recoup the £28m invested in Icelandic banks,to say nothing of lost interest/dividends.
All these investments were made despite HCC's own rules on Foreign investment!!
The Senate house in Chicago could learn from these people!
But the mood seems to be Ho-Hum that's the way it goes.
Reply ID 59878
27/01/2009 by jez_p
Linking to another thread - surely the well paid chief executive should take some flack for this - pereferably of the pay cut variety.
[;)]
9 replies